Remittance fees when using cash were relatively expensive, but not the highest in the world. This is according to a Statista estimate that aims to compare the prices charged for sending international money transfers across the world. Remitting towards any country in the world incurred an average cost of roughly **** percent over the course of 2024 if they involved a bank account transfer. Mobile money was cheaper compared to the other payment instruments, but its costs grew relatively fast in 2024.

Provides data on the cost of sending and receiving relatively small amounts of money from one country to another. Data cover 377 country corridors worldwide, from 48 remittance sending countries to 111 receiving countries.

The calculation is based on the basic methodology, and non-transparent services are not considered when calculating the global average total cost.

More information available here

The most expensive countries in the world to send remittances to largely consisted of countries in Sub-Saharan Africa as of the fourth quarter of 2023. This is according to an average taken from different situations in which consumers send money worth *** U.S. dollars from one country to the next - including cash, MTOs (money transfer organizations) or cards. The source adds that incoming remittances were estimated at **** percent on average for the G20 countries during this timeframe.

Jordan JO: Average Transaction Cost of Sending Remittances to a Specific Country data was reported at 5.703 % in 2017. This records an increase from the previous number of 5.489 % for 2016. Jordan JO: Average Transaction Cost of Sending Remittances to a Specific Country data is updated yearly, averaging 5.489 % from Dec 2011 (Median) to 2017, with 7 observations. The data reached an all-time high of 5.954 % in 2014 and a record low of 4.367 % in 2012. Jordan JO: Average Transaction Cost of Sending Remittances to a Specific Country data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Jordan – Table JO.World Bank.WDI: Payment System. Average transaction cost of sending remittance to a specific country is the average of the total transaction cost in percentage of the amount sent for sending USD 200 charged by each single remittance service provider (RSP) included in the Remittance Prices Worldwide (RPW) database to a specific country.; ; World Bank, Remittance Prices Worldwide, available at http://remittanceprices.worldbank.org; Unweighted average;

Mexico MX: Average Transaction Cost of Sending Remittances to a Specific Country data was reported at 4.469 % in 2017. This records a decrease from the previous number of 6.354 % for 2016. Mexico MX: Average Transaction Cost of Sending Remittances to a Specific Country data is updated yearly, averaging 5.560 % from Dec 2011 (Median) to 2017, with 7 observations. The data reached an all-time high of 6.354 % in 2016 and a record low of 4.410 % in 2013. Mexico MX: Average Transaction Cost of Sending Remittances to a Specific Country data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Mexico – Table MX.World Bank.WDI: Payment System. Average transaction cost of sending remittance to a specific country is the average of the total transaction cost in percentage of the amount sent for sending USD 200 charged by each single remittance service provider (RSP) included in the Remittance Prices Worldwide (RPW) database to a specific country.; ; World Bank, Remittance Prices Worldwide, available at http://remittanceprices.worldbank.org; Unweighted average;

Vietnam VN: Average Transaction Cost of Sending Remittances to a Specific Country data was reported at 7.644 % in 2017. This records a decrease from the previous number of 7.948 % for 2016. Vietnam VN: Average Transaction Cost of Sending Remittances to a Specific Country data is updated yearly, averaging 7.948 % from Dec 2011 (Median) to 2017, with 7 observations. The data reached an all-time high of 8.876 % in 2011 and a record low of 7.644 % in 2017. Vietnam VN: Average Transaction Cost of Sending Remittances to a Specific Country data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Vietnam – Table VN.World Bank.WDI: Payment System. Average transaction cost of sending remittance to a specific country is the average of the total transaction cost in percentage of the amount sent for sending USD 200 charged by each single remittance service provider (RSP) included in the Remittance Prices Worldwide (RPW) database to a specific country.; ; World Bank, Remittance Prices Worldwide, available at http://remittanceprices.worldbank.org; Unweighted average;

Sending remittances to Bulgaria was almost **** times more expensive in the first quarter of 2024 than to other countries in Europe, such as Croatia or Lithuania. This is according to an average taken from different situations in which consumers send money worth 200 U.S. dollars from one country to the next - including cash, MTOs (money transfer organizations) or cards. The average cost of sending 200 U.S. dollars to Bulgaria is 20.82%.

Sending remittances from South Korea to other parts of the world was cheaper than from Australia or India as of the first quarter of 2024. This is according to an average taken from different situations in which consumers send money worth *** U.S. dollars from one country to the next - including cash, MTOs (money transfer organizations) or cards.

Sending remittances to Cuba was twice as expensive in the first quarter of 2024 than to other countries in Latin America, such as Brazil or Dominican Republic. This is according to an average taken from different situation in which consumers send money worth *** U.S. dollars from one country to the next - including cash, MTOs (money transfer organizations) or cards.

Ivory Coast CI: (DC)Average Transaction Cost of Sending Remittances to a Specific Country data was reported at 5.520 % in 2017. This records a decrease from the previous number of 5.744 % for 2016. Ivory Coast CI: (DC)Average Transaction Cost of Sending Remittances to a Specific Country data is updated yearly, averaging 10.950 % from Dec 2011 (Median) to 2017, with 7 observations. The data reached an all-time high of 12.029 % in 2011 and a record low of 5.520 % in 2017. Ivory Coast CI: (DC)Average Transaction Cost of Sending Remittances to a Specific Country data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Ivory Coast – Table CI.World Bank.WDI: Payment System. Average transaction cost of sending remittance to a specific country is the average of the total transaction cost in percentage of the amount sent for sending USD 200 charged by each single remittance service provider (RSP) included in the Remittance Prices Worldwide (RPW) database to a specific country.; ; World Bank, Remittance Prices Worldwide, available at http://remittanceprices.worldbank.org; Unweighted average;

Sending remittances to countries in Sub-Saharan Africa was ****** ***** times more expensive than countries like Ethiopia or South Africa, as of the third quarter of 2023. This is according to an average taken from different situations in which consumers send money worth 200 U.S. dollars from one country to the next - including cash, MTOs (money transfer organizations) or cards.

Sending remittances to Mexico was about **** percentage points cheaper than sending money from either Canada or the United States. This is according to an average taken from different situations in which consumers send money worth 200 U.S. dollars from one country to the next - including cash, MTOs (money transfer organizations) or cards.

Sending remittances to countries like Jordan or Yemen was cheaper than sending money to Syria or Lebanon as of the first quarter of 2024. This is according to an average taken from different situations in which consumers send money worth *** U.S. dollars from one country to the next - including cash, MTOs (money transfer organizations) or cards.

Zimbabwe ZW: Average Transaction Cost of Sending Remittances to a Specific Country data was reported at 11.231 % in 2017. This records a decrease from the previous number of 11.362 % for 2016. Zimbabwe ZW: Average Transaction Cost of Sending Remittances to a Specific Country data is updated yearly, averaging 12.200 % from Dec 2011 (Median) to 2017, with 7 observations. The data reached an all-time high of 13.908 % in 2014 and a record low of 11.231 % in 2017. Zimbabwe ZW: Average Transaction Cost of Sending Remittances to a Specific Country data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Zimbabwe – Table ZW.World Bank.WDI: Payment System. Average transaction cost of sending remittance to a specific country is the average of the total transaction cost in percentage of the amount sent for sending USD 200 charged by each single remittance service provider (RSP) included in the Remittance Prices Worldwide (RPW) database to a specific country.; ; World Bank, Remittance Prices Worldwide, available at http://remittanceprices.worldbank.org; Unweighted average;

The proportion of remittance corridors with average costs of less than ** percent increased by roughly ** percentage points between 2016 and 2025. Consequently, the corridors with average costs over ** percent declined. The source adds that *** corridors had remittances costs above ** percent in 2025, of which *** originated in Sub-Saharan Africa and had a destination inside the same Sub-Saharan Africa.

According to Cognitive Market Research, the global Remittance market size was USD 812421.6 million in 2024. It will expand at a compound annual growth rate (CAGR) of 6.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 324968.64 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 243726.48 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 186856.97 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 40621.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 16248.43 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.7% from 2024 to 2031.
The personal sector led the remittance market share in 2023

Market Dynamics of Remittance Market

Key Drivers for Remittance Market

Reduced remittance costs and transfer time

The adoption of digital transfer networks such as mobile phone technology, mobile money, digital currencies, distributed ledgers, and electronic identity to send money has reduced the cost of cross-border payments, making them quick, auditable, and available to everyone. The introduction of digital remittance is expected to minimize reliance on cash agents in both sending and receiving nations, which now contribute to high transaction fees. Furthermore, it is expected to address a wide range of risks, barriers, and costs related to know-your-customer (KYC) and security. As a result, banks and money transfer operators use digital technology to provide remittance services at significantly lower costs than traditional over-the-counter services, increasing the global penetration of digital remittance.

Increase in cross-border transactions and mobile-based payment channels

The rise in cross-border transactions, as well as the shift to mobile banking and mobile-based payment solutions, dominate payment trends in Asia-Pacific and are likely to drive the remittance market's growth. For example, in 2021, Malaysia will make a significant change from paper to electronic payment systems to assist Bank Negara Malaysia's objectives to speed the transition to electronic payments. Furthermore, in February 2024, Visa announced an agreement with an Egyptian banking company to develop innovative solutions for electronic payment services, digital wallets, and other offerings. The collaboration intends to broaden the scope of quick payments and simplify the receiving of foreign remittances from Egyptian expats.

Restraint Factor for the Remittance Market

Lack of awareness about digital remittance

People are hesitant to use digital remittance transfers due to a lack of understanding and instruction. Despite the fact that the Internet's expansion and increased mobile penetration offer chances to digitize remittance origination, the market share of digital-only providers remains relatively small. For example, according to a worldwide journal study, approximately 69% will be aware of and use digital payment methods by 2023. Only 31 percent have never used a digital payment system. Despite the availability of numerous digital payment options, such as Alipay, cash remains the most popular mode of payment in Asia. In addition, the survey discovered that many are hesitant to abandon cash due to a lack of relevant information about digital wallets. Furthermore, a lack of understanding regarding innovations, such as the application of blockchain technology in business, hinders market growth

Impact of Covid-19 on the Remittance Market

The COVID-19 epidemic has had varying effects on the blockchain and cryptocurrency integration business. While it first expressed worries about the market's stability and adoption owing to economic uncertainties, it also emphasized the importance of blockchain technology in improving transparency and security in crisis situations. As a result, interest in blockchain solutions for supply chain management, healthcare, and digital identity verifica...

On average, the costs of sending remittances from G20 countries have been consistently decreasing for the last couple of years. Just in 2021, the average cost of remittance dropped half a percent from **** in 2021 to **** percent in 2021. As of 2025, the average cost of remittance is **** percent.

Snapshot img

Remittance Market Size 2024-2028

The remittance market size is forecast to increase by USD 57 bn at a CAGR of 13.54% between 2023 and 2028.

The market is experiencing significant growth, driven by technological advancements and government initiatives to promote digital payments. Keywords such as payments, wallets, and software are transforming the industry through FinTech innovations. The integration of blockchain technology, artificial intelligence, big data, and R analytics is revolutionizing the remittance landscape. Digital remittance solutions are increasingly popular, offering convenience, speed, and cost savings. However, challenges persist, including security concerns, regulatory compliance, and the need for financial education to ensure users fully understand the benefits and risks of digital remittances. As the market continues to evolve, staying informed about these trends and challenges is essential for businesses and individuals alike.

What will be the Size of the Remittance Market During the Forecast Period?

Request Free SampleThe market encompasses money transfers initiated by migratory workers and individuals seeking to send funds across borders. This market is characterized by a significant volume of cross border transactions, facilitated through digital transfer platforms and online transactions. Electronic devices, including mobile phones, have become increasingly important tools for executing these transactions, leading to the growth of digital remittance services. Financial security and anonymity are key considerations for users, who often incur extra fees and navigate complex paperwork to complete transactions. Regulators play a crucial role In the digital remittance business, implementing regulations to mitigate risks such as money laundering and terrorism funding.Despite these challenges, the market continues to expand, driven by the increasing popularity of digital payments and the need for convenient, cost-effective cross border payments. Money transfer costs remain a significant concern for users, with fees varying widely among different providers. Lack of knowledge and security barriers can also hinder adoption, necessitating education and innovation to address these concerns.

How is this Remittance Industry segmented and which is the largest segment?

The remittance industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments. MethodNon-digitalDigitalTypeInwardOutwardGeographyNorth AmericaUSEuropeUKAPACMiddle East and AfricaSouth America

By Method Insights

The non-digital segment is estimated to witness significant growth during the forecast period. The non-digital segment dominates The market, accounting for the largest revenue share in 2023. Traditional methods such as Automated Teller Machines (ATMs) and cheques offer accessibility to senders and recipients, flexible remittance channels, and fund accessibility to recipients. The sense of security experienced through offline transactions is a significant factor contributing to the growth of this segment. Prior to the emergence of digital channels, non-digital methods were the only means for international remittances. Key advantages of non-digital remittance include ease of use, convenience, and the absence of digital barriers for international residents. These factors are expected to drive the growth of the non-digital segment In the market during the forecast period.Cross-border transactions continue to be a crucial aspect of the international economy, with migratory workers playing a significant role in driving remittance volumes. Regulators play a crucial role in ensuring financial security and preventing money laundering and terrorism funding through digital remittance services. Digital payment solutions, including mobile wallets and blockchain technology, are gaining popularity but still trail behind non-digital methods in terms of market share.

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The Non-digital segment was valued at USD 34.00 bn in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

North America is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The digital the market is experiencing significant growth due to the increasing number of migratory workers requiring cross-border transactions. Digital transfer platforms and online transactions have become increasingly popular, facilitated by the widespread use of electronic devices. Cross-border payments are now easier and more convenie

Определение: Целевой показатель включает в себя два компонента. Первый компонент заключается в том, что к 2030 году операционные издержки при денежных переводах мигрантов должны составлять не более 3%. Эта стоимость транзакции должна быть рассчитана как “средняя общая стоимость отправки по всему миру в размере 200 долларов США (или эквивалент в местной валюте отправки) и выражена в процентах от отправленной суммы”. Этот показатель легко доступен и ежеквартально публикуется Всемирным банком в базе данных о ценах на денежные переводы по всему миру, которая охватывает 365 страновых коридоров, от 48 отправляющих до 105 принимающих стран. Второй компонент заключается в исключении коридора, стоимость которого составляет 5% или выше. Это должно быть сделано в том смысле, что отправители денежных переводов должны иметь возможность отправлять деньги получателю в среднем за 5% или менее от суммы перевода. Для этой цели должно быть достаточно, чтобы в каждом коридоре было по крайней мере 3 службы, отвечающие определенному набору требований к обслуживанию (включая качество обслуживания, охват и т.д.), средний показатель которых составляет 5% или менее. [Переведено с en: английского языка] Тематическая область: Цели в области устойчивого развития [Переведено с en: английского языка] Область применения: ПОКАЗАТЕЛЬ 10.c.1 Расходы на перевод денежных средств в процентах от суммы перевода [Переведено с en: английского языка] Единица измерения: Процент [Переведено с en: английского языка] Источник данных: База данных показателей мирового развития, Всемирный банк. [Переведено с es: испанского языка] Последнее обновление: Jan 7 2024 11:15PM Организация-источник: Глобальная база данных Организации Объединенных Наций по ЦУР [Переведено с en: английского языка] Definition: The target includes two components. The first component is that transaction costs for migrant remittances should be 3% or less by 2030. This transaction cost should be intended as “Global average total cost of sending $200 (or equivalent in local sending currency) and expressed as % of amount sent”. This indicator is readily available and published on a quarterly basis by the World Bank in the Remittance Prices Worldwide database, which covers 365 country corridors, from 48 sending to 105 receiving countries. The second component is to eliminate corridor where cost is 5% or higher. This should be intended in the sense that it should be possible for remittance senders to send money to the beneficiary for an average cost of 5% or less of the amount sent. For this purpose, it should suffice that in each corridor there are at least 3 services, meeting a defined set of service requirements (including service quality, reach etc.), for which the average is 5% or less. Thematic Area: Sustainable Development Goals Application Area: INDICATOR 10.c.1 Remittance costs as a proportion of the amount remitted Unit of Measurement: Percentage Data Source: World Development Indicators database, World Bank. Last Update: Jan 7 2024 11:15PM Source Organization: United Nations Global SDG Database

Workers' remittances refer to the money sent back home by individuals who are employed in foreign countries, typically to support their families or communities in their home country. For Bangladesh, remittances are a crucial component of the national economy, playing a significant role in poverty alleviation, foreign exchange reserves, and overall economic development. Bangladesh is one of the top recipients of remittances in South Asia, with millions of its citizens working overseas, especially in the Middle East, Southeast Asia, Europe, and North America.

Importance of Workers Remittance in Bangladesh:

Economic Contribution: Workers' remittances are a major source of foreign exchange in Bangladesh, helping stabilize the national currency and supporting the balance of payments. They help Bangladesh offset trade deficits and reduce reliance on foreign loans. The remittance inflows also support the growth of sectors like real estate, retail, and small businesses.

Poverty Reduction: Remittances directly support households in rural and urban areas by providing financial assistance for education, healthcare, housing, and other essential needs. This inflow helps to reduce poverty and improve the standard of living for millions of families.

Social Impact: Many families rely on remittances to meet daily expenses and maintain a decent standard of living. Remittances also contribute to social mobility by enabling families to invest in education, which in turn has long-term positive effects on the workforce and future generations.

Economic Stability: Remittances provide a buffer against economic crises, such as natural disasters or economic downturns. During times of economic instability, remittances often serve as a critical lifeline, ensuring that the affected population has access to essential resources.

Trends in Workers Remittance: The trends in remittances fluctuate depending on factors such as:

Global Economic Conditions: Economic conditions in major remittance-sending countries affect the flow of funds. For instance, during periods of economic recession or crisis in host countries, remittance flows might decrease. Migration Patterns: Changes in migration patterns due to geopolitical factors, labor demands, or government policies also affect the volume of remittances. Exchange Rates and Banking Systems: The stability of exchange rates and the efficiency of banking systems and remittance services (e.g., Western Union, MoneyGram) influence the ease and cost of sending remittances. Impact on Bangladesh’s GDP: Remittances contribute significantly to Bangladesh's Gross Domestic Product (GDP). They not only help with household income but also boost domestic consumption, which drives economic growth. As a result, the country has seen improvements in its infrastructure, poverty rates, and social services due to the continuous inflow of remittances.

Challenges in Managing Remittances: Despite the positive impacts, there are several challenges associated with workers' remittances:

High Transaction Costs: Remittance senders often face high transaction fees, especially when using informal channels. The government and financial institutions are working to reduce these costs by promoting digital banking and remittance services. Dependence on Remittances: Over-reliance on remittances may create economic vulnerabilities, as families might become dependent on external sources of income rather than local economic development and job creation. Policy and Regulation: Governments need to establish policies that facilitate the easy transfer of remittances while ensuring that the system is transparent and secure. File Format: CSV

Description: The "Workers Remittance" dataset provides a detailed record of the monthly remittance inflows to Bangladesh from January 2017 to March 2024. It is crucial for understanding the economic role that remittances play in the country, particularly for millions of Bangladeshi families who rely on money sent by relatives working abroad. The dataset is structured with the following columns:

Year: The year of remittance data. Month: The month of remittance data. Unit (Tk. in Million): The total remittance amount received, expressed in millions of Bangladeshi Taka (Tk.). This data is particularly valuable for economists, policymakers, and financial analysts who are interested in studying the trends in remittance inflows, their impact on the national economy, and their contribution to the livelihoods of the Bangladeshi population. Workers' remittances are a significant source of foreign exchange and play a critical role in the socio-economic development of Bangladesh.

Source: http://data.gov.bd/dataset/table-9-workers-remittance-jan-2017-mar-2024

**More Dataset:: ** https://www.kaggle.com/shuvokumarbasak4004/datasets

…………………………………..Note for Researchers Using the dataset………………………………………………………………...